Brexit! Everyone panic! (except New York)

therealdeal.com – The morning after Britain’s shock vote to leave the European Union, global markets are in freefall, with some economists already predicting a new global recession. But this worst-case scenario for Europe may actually work out in favor of the New York real estate industry – with one big caveat. Here’s what New York City can expect:

The Federal Reserve already backtracked on its plans to continue raising interest rates this year. Britain’s vote to leave the EU creates further global uncertainty and raises the specter of a recession, making it more likely that the Fed will delay raising rates even longer. That, taken strictly by itself, is good news for New York’s real estate industry. It means cheap financing.